Innovation & Job News

Fisher Coachworks lands $2.65M from 21st Century Jobs Fund

Thursday, January 29, 2009

Fisher Coachworks is getting another venture capital shot in the arm.

Michigan�s 21st Century Jobs Fund approved $2.625 million for the manufacturer of ultra-light buses. Troy-based Fisher Coachworks has already received large tax incentives to make the buses here.

The bus is expected to be half the weight of today's standard passenger bus, giving it twice the gas mileage. It can do this by using Nitronic 30 stainless steel, which is much lighter than regular steel and doesn't corrode.

It hopes to create about 1,000 new jobs, mostly in Metro Detroit, within five years making these ultra fuel-efficient buses. It also hopes to control 10 percent of the hybrid bus market.

About 5,000 hybrid buses are manufactured each year, however that number is increasing as cities around the world, such as Ann Arbor, start to switch their bus fleets to hybrids.

The investment was made possible after a couple of companies withdrew from the 21st Century Jobs Fund program.

Source: Michigan Economic Development Corporation
Writer: Jon Zemke

Innovation & Job News

Fisher Coachworks lands $2.65M from 21st Century Jobs Fund

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